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twitterLV manufacturer posts a profit
Thursday, Oct. 21, 1999 | 11:44 a.m.
Las Vegas-based Acres Gaming Inc. reported a profitable start to its fiscal year.
The company reported net income of $394,000, or 4 cents per share, for the quarter ending Sept. 30. One year ago, the company lost $846,000, or 10 cents per share.
Revenues for the quarter rose 89 percent, to $6.22 million.
Reed Alewel, Acres' chief financial officer, said revenues and earnings were boosted by the first deliveries of previously announced multimillion-dollar orders for the company's "Acres Advantage" slot tracking and accounting system.
Most revenues came from deliveries to Mandalay Resort Group's MotorCity casino in Detroit and the sale of software to a casino in Sydney, Australia.
As of Sept. 30, the company had $5.2 million in cash and no debt on its balance sheet.
Acres produces and sells hardware and software products and services designed to increase casino efficiency and profitability.
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